Gray Swan

About Us


InaugurationDavid spent his childhood in both California and France, giving him an international perspective. In 2000 he graduated from U.C. Santa Barbara with Dean’s Honors. He then formed an investment partnership before continuing his studies, and in 2006 received an M.A. in International Politics from U.C. Irvine. His thesis, on the “Commodification of Mortgages in the United States,” correctly asserted that Wall Street’s bundling of subprime and other mortgages into the equivalent of commodity products would have dire economic consequences.

His business ventures have benefited from his “hands on” expertise assessing value. This experience, combined with timely research and analysis interpreting and acting on macroeconomic variables, gives him an edge over many financial analysts.  David’s research and timing skills help him identify trend reversals at the most opportune time and profitably capitalize on them. As an individual investor, David made a significant sum predicting the demise of Bear Stearns in 2008, and then parlayed those gains into a lucrative real estate partnership that started purchasing foreclosed properties for historically low prices in early 2009.

David believes that market inefficiencies lead to profitable opportunities for  investors able to identify value. In 2010 he ascertained that the economic crisis had attenuated enough to make buying stocks with very low price earnings multiples a lucrative proposition.  Gaining experience across many different market sectors and fine tuning his investment strategy provided the impetus to launch a professional financial advisory firm, Gray Swan Asset Management, in 2013, with his long time friend and business associate Warren Thefeld.



Warren-Thefeld-smWarren was born in Illinois and raised in California. He graduated from Palm Springs High School and from The University of San Diego with a Bachelors Degree in Accounting ( Magna Cum Laude) in 1979. He has been a Member of the California Society of Certified Public Accountants and a CPA since 1981.

Warren has over 30 years of public accounting experience with primarily focus on the taxation and accounting areas of small business. He is a business consultant, retirement planner and succession planning expert. Warren has been the president and chief financial officer of several privately held successful San Diego Businesses.

He is the Managing Partner and founder of Thefeld and Associates, which began in 1984. His leadership contribution caused this firm to grow to one of the top local CPA firms in San Diego County. His Professional Activities include a Member of the American Institute of CPA’s as well as membership in the California Society of Certified Public Accountants. He is the former treasurer of the National Association of Accountants, San Diego Chapter. Warren has extensive audit experience in the areas of business property tax appeals for some of the largest publicly held companies in California.

Warren successfully participated as a principal in two well funded limited partnerships that have focused on distressed equities and real estate since 2008. His invaluable insights into complex financial statements  and ability to accurately gauge the legitimacy of company projections were crucial to these businesses.

Warren is happily married with two sons; One of his sons attends the University of Arizona and the other is a freshman at St Augustine High School. Warren is proficient in Spanish. He enjoys biking, cars, and sports.


Gray Swan Asset Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein.